In today’s modern business world, the technology landscape is constantly changing. Your business can benefit heavily by integrating modern technology practices. One specific technology that can help your business immensely is the Internet of Things (IoT). This new-age technology can help you provide better customer service, increase customer value, allow better management of your products and services, and allow you to provide better marketing and advertising, and ultimately save you money.
Modern trucking industries equip their fleets with IoT sensors that provide details on the driver, the truck’s route, feedback on the truck itself and more. A company using this tech found it was possible to reduce fuel consumption and CO2 emissions by relying on IoT. Furthermore, IoT could provide even more data, such as risky driving behaviour. This example here would cut out drivers that could be a liability to the company.
HR workers are very fluent in the practices and costs of onboarding a new employee, but the total expense could skyrocket when an employee is a poor fit for the company and leave quickly after being hired. A study in 2018 concluded that employers would pay $680 billion in turn over costs by 2020, and companies can prevent 77% of these turnovers.
Numerous organizations use data analytics before employing applicants since it permits them to investigate data; for example, the probability of somebody lining up with an organization’s way of life. Big Data can likewise follow patterns that could show an individual at their present position at an organization is getting frustrated in the job and may leave that company.
IoT and data analytics could provide HR with a detailed analysis like mentioned above and avoid the costs of training employees that won’t stick around.
Big Data and IoT can be used to monitor local weather conditions in real-time. It can combine this data with seasonal and historical purchase trends and monitor competitors in the area. All of this can benefit the company decision-makers by keeping them current with buyer behaviours. By being aware of consumer habits, demand, and their competitors’ pricing, retailers can dynamically change product prices at the store level.
But that’s not all; IOT systems are also being used to predict production and commodity prices accurately. This gives procurement teams an advantage when negotiating sourcing costs.
Manufacturing companies are gaining enormous benefits by deploying IoT and Big Data technologies. Automakers worldwide use this technology to monitor the cost of steel and other raw materials, helping them identify when they can purchase at the best price point.
How can this be done? A database of several suppliers is built on a Hadoop framework; this tracks which supplier offers the most competitive price and can deliver at the optimal time.
The result? Car manufacturing costs are reduced significantly.
With the deployment of Big Data analytics in the digital space, companies are better able to understand their customers.
This enables them to plumb the depths of customers’ paths to purchase and online behaviours. In turn, retailers have been able to create targeted incentives and offers, which equals stronger brand loyalty and more sales.
Companies operating in any industry can gain from using Big Data and IoT technology. By identifying resource and capital drains, they can gain incremental benefits and revenue over some time. By developing better customer relationships, they gain higher sales and eventually more revenue.
With the fast-paced & ever-changing world of technology, the best decision that you can make for your business today is to start incorporating automated data feeds via IoT and start analyzing that data for places to cut back costs, improve performance, and increase your company’s value to your consumers.